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Spain Bakes, Olive Yields Shrivel

Source: The Olive Oil SourceAugust 07, 2005

Drought in Spain has sent olive oil prices soaring. Spain is the world's largest olive oil producer. The harvest could fall up to 30% according to current estimates. This winter's severe frost had already caused problems for producers with about 4 percent of olive trees lost. Olive oil prices have gone up 20% over last year. The continuing strength of the Euro has also bumped imported oil prices, helping local producers compete.